Key Takeaways
- Metaplanet has made another ¥250 million Bitcoin purchase.
- Metaplanet's stock rose 10% following its latest acquisition.
- The company aims to hedge against Japan's national debt and yen devaluation.
Longstanding Japanese hotel and services provider Metaplanet has announced another significant Bitcoin purchase. On X, the company revealed its acquisition of ¥250 million ($1.8 million) worth of Bitcoin, in line with its ongoing strategy to build substantial Bitcoin reserves, akin to MicroStrategy.
As of June 11, Metaplanet holds approximately 141 Bitcoin, acquired for ¥1.45 billion at an average price of ¥10,278,391 ($65,000) per Bitcoin. This recent buy is part of a series of purchases that began in April 2024 when the company initially invested ¥1 billion in Bitcoin.
Following this latest acquisition, Metaplanet’s stock surged by 10%, marking the third significant Bitcoin purchase in just seven weeks. Since adopting its Bitcoin strategy, the company’s share price has increased nearly fivefold, validating its pivot towards Bitcoin.
Metaplanet’s move aims to hedge against Japan’s large national debt and the devaluation of the yen. By holding Bitcoin, the company seeks to protect its assets against inflation and currency depreciation.
Investors see Metaplanet as a proxy for Bitcoin exposure without dealing with Japan’s high tax on unrealized crypto gains, which can exceed 50%.
Trading on the Tokyo Stock Exchange, Metaplanet provides a regulatory-compliant way for investors to gain Bitcoin exposure.
